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It outlines investment objectives, investment policy, restrictions, risk disclosure, and detailed disclaimers, including market and NAV volatility risk. The document consolidates terms on scheme constitution, trust deed modifications, unit characteristics, dealing procedures, distribution policy, fees and charges, taxation and Zakat treatment, operator roles, and investor reporting requirements, as of September 8th, 2025.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/hbl-islamic-asset-allocation-fund-consolidated-offering-document-wakalatul-istithmar/203597/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/hbl-islamic-asset-allocation-fund-consolidated-offering-document-wakalatul-istithmar/203597.png","ImageObject",300,407,{"name":92,"@type":93},"Emma Mercer","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-09-04",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What risks are disclosed for the HBL Islamic Asset Allocation Fund?","Question",{"text":112,"@type":113},"The document states that all mutual fund investments are subject to market risks and that the NAV of units may go down or up. Investors are advised to review investment policies, risk factors, taxation policies, and warnings before making an investment decision.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What is the fund’s Shariah compliance structure mentioned in the document?",{"text":117,"@type":113},"The offering document describes the fund as a Wakalatul Istithmar based fund and specifies it as a Shariah compliant asset allocation scheme.",{"name":119,"@type":110,"acceptedAnswer":120},"How is the fund’s distribution policy and investor reporting handled?",{"text":121,"@type":113},"The document includes a distribution policy covering dividend declaration, determination of distributable income, dividend payment, and bonus units. It also sets out reports to unit holders such as account statements, financial reporting, trustee report, and fund manager report.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},203597,1788562219,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":11,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":129,"read_time":143,"preview_page_count":4},962084925502,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","Risk Disclaimer: All Investments in mutual Fund are subject to market risks. The NAV of Units may go down or up based on the market conditions. The investors are advised in their own interest to carefully read the contents of the Offering Document, in particular the Investment Policies mentioned in clause  \n2.1.1 Risk Factors mentioned in clause 2.4 , Taxation Policies mentioned in Clause 7 and Warnings in  \nClause 9 before making any investment decision.  \nCONSOLIDATED OFFERING  \nDOCUMENT  \nHBL ISLAMIC ASSET ALLOCATION  \nFUND  \nWakalatul Istithmar Based Fund  \n(Shariah Compliant Asset Allocation Scheme)  \n\n| Category of CIS/Plans | Risk Profile | Risk of Principal Erosion |\n| --- | --- | --- |\n| HBL Islamic Asset Allocation Fund | High | High |\n\nConsolidated as at September 8th, 2025  \nDuly Vetted by Al-Hilal Shariah Advisor (Pvt.) Limited  \n(SECP/IFD/SA/15)  \nMANAGED BY  \nHBL ASSET MANAGEMENT LIMITED  \n1 Amended through 11th Supplemental in the Offering Document dated March 31, 2022  \n2 Inserted through 9th Supplemental in the offering Document dated May 21, 2020  \n3 Inserted through 11th Supplemental in the Offering Document dated March 31, 2022 Amended through 12th supplement in the offering documents dated May 3rd 2023  \nTABLE OF CONTENTS  \nCLAUSE PAGE  \nNO.  \n1. CONSTITUTION OF THE SCHEME 4  \n1.1 Constitution 4  \n1.2 Trust Deed (the “Deed”) 5  \n1.3 Modification of Trust Deed 5  \n1.4 Duration 5  \n1.5 Trust property 5  \n1.6 Initial Offer and Initial Period 5  \n1.7 Transaction in Units after Initial Offering Period 6  \n1.8 Offering Document 7  \n1.9 Modification of Offering Document 7  \n1.10 Responsibility of the Management Company for information given in this Document 7  \n1.11 Allocation Plan 7  \n2. INVESTMENT OBJECTIVES, INVESTMENT POLICY, RESTRICTIONS, RISK DISCLOSURE AND DISCLAIMER 8  \n2.1 Allocation Plans 8  \n2.2 Changes in Investment Policy 14  \n2.3 Investment Restrictions 14  \n2.4 Risk Disclosure 18  \n2.5 Disclaimer 19  \n3. OPERATORS AND PRINCIPALS 19  \n3.1 Management Company 19  \n3.2 Board of Directors ofthe Management Company 20  \n3.3 Existing Schemes under Management and their performance 24  \n3.4 Role and Responsibilities of the Management Company 26  \n3.5 Maintenance of Unit Holders Register 28  \n3.6 Role of the Trustee 29  \n3.7 Shariah Advisor 30  \n3.8 Transfer Agent 31  \n3.9 Custodian 31  \n3.10 Distributors/Facilitators 32  \n3.11 Auditors 32  \n3.12 Legal Advisors 33  \n3.13 Bankers 33  \n3.14 Rating of the Scheme 34  \n4. CHARACTERISTICS OF UNITS 34  \n4.1 Units 34  \n4.2 Classes of Units 34  \n4.3 Types of Units 35  \n4.4 Purchase and Redemption of Units 35  \n4.5 Procedure for Purchase of Units 35  \n4.6 Procedure for Redemption of Units 42  \n4.7 Purchase (Public Offer) and Redemption (Repurchase) of Units outside Pakistan 44  \n4.8 Determination of Redemption (Repurchase) Price 44  \n4.9 Procedure for Requesting Change in Unit Holder Particulars 45  \n4.10 Procedure for Pledge / Lien / Charge of Units 47  \n4.11 Temporary Change in Method of Dealing, Suspension of Dealing and Queue System 48  \n5. DISTRIBUTION POLICY 49  \n5.1 Declaration of Dividend 49  \n5.2 Determination of Distributable Income 50  \n5.3 Payment of Dividend 50  \n5.4 Dispatch of Dividend Warrants/Advice 50  \n5.5 Bonus Units 50  \n5.6 Encashment of Bonus Units 50  \n5.7 Closure of Register 50  \n6. FEE AND CHARGES 51  \n6.1 Fees and Charges Payable by an Investor 51  \n6.2 Fees and Charges Payable by the Fund 52  \n6.3 Formation Costs 52  \n6.4 Other costs and expenses 53  \n7. TAXATION 53  \n7.1 Taxation on the Income of the Fund 53  \n7.2 Withholding tax 54  \n7.3 Zakat on Fund 54  \n7.4 Taxation and Zakat on Unit Holders 54  \n7.5 Disclaimer 55  \n8. REPORTS TO UNIT HOLDERS 55  \n8.1 Account Statement 55  \n8.2 Financial Reporting 55  \n8.3 Trustee Report 55  \n8.4 Fund Manager Report 55  \n9. WARNING AND DISCLAIMER 55  \n9.1 Warning 55  \n9.2 Disclaimer 56  \n10. GENERAL INFORMATION 56  \n10.1 Accounting Period / Financial Year ofthe Fund 56  \n10.2 Inspection of Constitutive","cbCaiafi34AKinOL","https://ap.wps.com/l/cbCaiafi34AKinOL","pdf",1713623,"English","# Risk Disclaimer\n# Consolidated Offering Document\n## Investment Overview and Risk Profile\n# Table of Contents\n## 1. Constitution of the Scheme\n## 2. Investment Objectives, Investment Policy, Restrictions, Risk Disclosure and Disclaimer\n## 3. Operators and Principals\n## 4. Characteristics of Units\n## 5. Distribution Policy\n## 6. Fee and Charges\n## 7. Taxation\n## 8. Reports to Unit Holders\n## 9. Warning and Disclaimer\n## 10. General Information\n## 11. Glossary\n## Annexures\n# Key Fact Statement","[{\"question\":\"What risks are disclosed for the HBL Islamic Asset Allocation Fund?\",\"answer\":\"The document states that all mutual fund investments are subject to market risks and that the NAV of units may go down or up. Investors are advised to review investment policies, risk factors, taxation policies, and warnings before making an investment decision.\"},{\"question\":\"What is the fund’s Shariah compliance structure mentioned in the document?\",\"answer\":\"The offering document describes the fund as a Wakalatul Istithmar based fund and specifies it as a Shariah compliant asset allocation scheme.\"},{\"question\":\"How is the fund’s distribution policy and investor reporting handled?\",\"answer\":\"The document includes a distribution policy covering dividend declaration, determination of distributable income, dividend payment, and bonus units. It also sets out reports to unit holders such as account statements, financial reporting, trustee report, and fund manager report.\"}]","HBL Islamic Asset Allocation Fund - Consolidated Offering Document - Wakalatul Istithmar | PDF",227]